The court has approved the sale of Tupperware Brands' assets to its lenders, which would allow it to exit bankruptcy and ensure the company continues its operations.
U.S. Bankruptcy Judge Brendan Shannon approved the sale during a court hearing in Wilmington, Delaware.
He said that the sale is the best available option for the company, Reuters reported.
Prior to the bankruptcy filing, the company was unsuccessful in trying to find a buyer. During the hearing, Spencer Winters, the company's counsel said that not one was willing to pay the $818 million debt of the company.
Two lender groups that would acquire the company include Stonehill Capital Management Partners and Alden Global Capital, Reuters reported. They previously acquired Tuperware's debt at a steep discount. They would provide cash of $23.5 million and about $63 million in debt relief.
The sale would also include the company's assets in Brazil, Canada, China, India, Korea, Malaysia and Mexico.
Tupperware filed for a Chapter 11 bankruptcy last month. It also initially sought for the auction of its assets, U.S. News reported.
The move was opposed by the company's lenders who wanted to claim the assets for themselves.
The lenders cut off the company's access to cash early in bankruptcy and it violated the terms of its more than $700 million in debt.
Tupperware was founded by Earl Tupper in 1946, offering food storage containers with an air-tight seal. The company exploded in the 1950s with a new marketing concept that enlisted suburban housewives to host "Tupperware parties" and sell the products to friends and neighbors.
